Long.xyz co-founder Nate posted a performance update on Sept. 12, Taipei time, one day after the platform launched its pre-IPO trading pairs. He said the OpenAI pool recorded $18 million in 24-hour volume and the Anthropic pool logged $14.6 million, describing the rollout as the biggest release Long.xyz has had so far.
Nate also wrote that about $1 million in deposits had been added to OpenAI and Anthropic open interest on Lighter, or roughly 10% of the open interest in those two markets. BlockTempo noted that this money was not deposited into the on-chain liquidity pools themselves, even though some Chinese-language retellings framed it that way.
Main on-chain pools posted rising volume on modest liquidity
BlockTempo checked the pools on Robinhood Chain and found that, by the time of publication, the main OPENAIx1L/USDG pool held $354,000 in liquidity and had generated $20.01 million in 24-hour volume. The main ANTHROPICx1L/USDG pool held $371,000 in liquidity and recorded $15.54 million over the same period. Both figures were higher than the numbers Nate cited in his post.
That put daily turnover at 56.6x for the OPENAIx1L pool and 41.9x for the ANTHROPICx1L pool. In practice, each $1 of liquidity was traded back and forth dozens of times in a single day.
Why five-digit APYs appeared
The widely circulated annualized yields of 15,193.60% and 9,583.99% came from that turnover math. The calculation takes current 24-hour fee income, multiplies it by 365 days, and divides the result by a TVL of only a few hundred thousand dollars. That is enough to produce a five-digit annualized return.
BlockTempo said the figure is a snapshot APY, not a return rate that can be assumed to hold for a full year. If turnover falls, the annualized number drops with it.
Underlying Lighter perpetuals were much smaller
The tokens are not shares in OpenAI or Anthropic, both of which remain private companies. OPENAIx1L and ANTHROPICx1L are ERC-20 wrappers around 1x long positions on Lighter, a perpetuals exchange. Their prices track net asset value on Lighter, and the wrapped tokens are then traded against USDG on Robinhood Chain.
On the underlying venue, Lighter’s OpenAI perpetual posted $68,000 in 24-hour volume across 648 trades, with open interest of 862.6 units. The Anthropic perpetual recorded $233,000 in volume across 695 trades, with open interest of 860.7 units.
Against that backdrop, the $20.01 million traded in the main OPENAIx1L pool was 294 times the $68,000 volume in the underlying OpenAI perpetual. For Anthropic, the multiple was 67x. BlockTempo’s point was simple: the pricing layer moved only tens of thousands of dollars a day, while the on-chain market built on top of it reached eight-figure turnover.
Price gaps across pools remained wide
Liquidity was also spread out rather than concentrated in one place. BlockTempo said OPENAIx1L traded in at least eight USDG pools on-chain, with prices ranging from $1.071 to $1.17, a gap of 9.2%. ANTHROPICx1L was even more fragmented, ranging from $1.0093 to $1.27, a gap of 25.8%.
The report said the same token on the same chain had not been fully arbitraged back into line across pools.
Next step, according to Nate: raise total TVL
Nate said this version kept pool prices more closely aligned with net asset value on Lighter than the previous iteration. In his words, the team is "getting better and better." He said the next step is to add liquidity across related AI pairs, lift total TVL, and then expand the model to more major pairs on the platform. He also said the pre-IPO pairing used a new liquidity setup this time.
Long.xyz had already labeled the product experimental
In its Sept. 11 launch announcement, Long.xyz said the pre-IPO pairs were experimental and used a customized low-depth liquidity design meant to get early markets running first.
Using Lighter’s current mark price, the combined open-interest size of the OpenAI and Anthropic perpetual markets was about $3.3 million.
What the tokens are and why the APY looks so high
What are OPENAIx1L and ANTHROPICx1L?
They are not stocks. Both companies are still private. The tokens are ERC-20 wrappers around 1x long positions on Lighter, with prices tied to Lighter’s net asset value, and they trade against USDG on Robinhood Chain.
Why did the pool APY reach around 15,000%?
Because liquidity was only around the mid-$300,000 range while the main OPENAIx1L pool generated $20.01 million in one day, producing 56.6x daily turnover. Annualizing one day of fee income by multiplying it by 365 creates a five-digit figure. BlockTempo said that number reflects a point-in-time condition and will move down if turnover cools.